Ito commends Matz for stabilizing CU system,
initiating review of OTR, engagement

March 9, 2016 -- NASCUS President and CEO Lucy Ito in a statement Wednesday thanked and commended retiring NCUA Board Chairman Debbie Matz for her leadership during the financial crisis, for taking the initiative on the overhead transfer rate methodology and for engaging with the state credit union system.

Matz announced her retirement Wednesday, stating that she would leave the NCUA Board April 30. In a statement, she noted pride in "all that NCUA has accomplished to bring stability, advance growth and promote flexibility in our nation’s credit unions." In particular, she pointed to the financial situtation of credit unions when she became chairman in August, 2009. The agency press release stated that the credit union system then "was on the brink of collapse," adding that "the survival of the system was threatened by corporate credit unions holding $50 billion in toxic assets and consumer credit unions facing billions of dollars in potential losses."

In her statement, NASCUS' Ito acknowledged the chairman's efforts to stabilize the credit union system, as well as taking action on the overhead transfer rate and engaging with the state credit union system.

"We thank and commend Chairman Matz for leading NCUA during the biggest threat to the US credit union system in its 107-year history," Ito stated. "More closely related to states, we acknowledge and thank her for voluntarily opening up the overhead transfer rate to public notice and comment, representing an historic step and adding to the Chairman’s long-held desire to bring greater transparency to the agency. Overall, the state system appreciates Chairman Matz’ willingness over the years to engage with state supervisory authorities on regulatory innovations and to exchange best practices with her state agency counterparts."

Ito added that exchange is "innately healthy" and ultimately leads to a stronger credit union system that "makes both state and federal charters more safe, more sound, and more competitive in the broader financial services marketplace."

Matz' term officially ended on April 10, 2015; she has been serving in a "holdover" status since then. She has served a total of 11 years at NCUA, the only NCUA Board member to be confirmed by the U.S. Senate for a second term.. She was the eighth NCUA Board chairman.

NCUA press release on Matz retirement
Ito statement on Matz retirement